First quarter report sends IBM stock down 8 percent

ARMONK — Shares of IBM stock plummeted more than 8 percent Friday, a day after the company missed revenue and earnings estimates.

The stock closed Friday at $190, down $17.15 from its close Thursday. On Thursday, the company announced a first-quarter profit of $3 billion, down 1 percent from the first quarter of last year. Revenue totaled $23.4 billion, down 5 percent, and earnings per share increased 3 percent to $2.70.

Analysts had estimated revenue of $24.69 billion and earnings per share of $3.05, according to Yahoo Finance.

Company officials said in a conference call Thursday that IBM would still report earnings per share of $16.70 for the year.